Investment analysts at Benchmark Co. hoisted their price target on shares of priceline.com (NASDAQ:PCLN) from $800.00 to $1,100.00 in a note issued to investors on Friday, Analyst Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Benchmark Co.’s price objective suggests a potential upside of 17.80% from the stock’s previous close.
The analysts wrote, “Priceline (PCLN-Buy, PT from $800 to $1,100) reported another quarter which exceeded expectations and company guidance, driven by domestic share gains through Booking.com and Priceline.com along with strong international supply growth and increased market penetration. Room-night growth held firm at 38% for the third consecutive quarter despite management’s ongoing warnings that growth was expected to moderate as the business increased in size, while rental car day growth accelerated 3% q/q to 46% y/y. As a result, revenue growth of 27% to $1.68 billion was well above the 15-22% guidance range with adjusted EBITDA of $621 million, up 26% y/y, $25 million above consensus and the high end of guidance, leading to adjusted EPS of $9.70. 3Q guidance again called for a moderation in growth, but mostly matched consensus at the high end, implying upside to 3Q numbers given Priceline’s historically conservative outlooks. With Booking.com making headway domestically, international growth remaining elevated despite macro pressures and Kayak set to be rolled out on a larger scale, we believe Priceline will be able to maintain its operating momentum.”
Shares of priceline.com (NASDAQ:PCLN) traded up 5.48% during mid-day trading on Friday, hitting $984.93. priceline.com has a 52 week low of $553.42 and a 52 week high of $940.00. The stock’s 50-day moving average is currently $878.8. The company has a market cap of $49.306 billion and a P/E ratio of 32.33.
priceline.com (NASDAQ:PCLN) last released its earnings data on Thursday, August 8th. The company reported $9.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $9.37 by $0.33. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the company posted $7.85 earnings per share. The company’s quarterly revenue was up 26.7% on a year-over-year basis. Analysts expect that priceline.com will post $39.15 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of priceline.com in a research note to investors on Friday. Separately, analysts at Evercore Partners reiterated an “overweight” rating on shares of priceline.com in a research note to investors on Friday. They now have a $1,100.00 price target on the stock, up previously from $975.00. Finally, analysts at Raymond James raised their price target on shares of priceline.com from $850.00 to $1,050.00 in a research note to investors on Tuesday.
Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $1,003.89.
Priceline Com Incorporated, is an online travel company that offers its customers hotel room reservations at over 295,000 hotels worldwide through the Booking.